Business

26 December 2022 09:15

Occurrence of a Business;

A business occurs when an individual or group of individuals creates a product or

service that is sold for a profit. The process of starting a business involves several
steps, including identifying a need in the market, developing a product or service to
meet that need, and creating a business plan to guide the company's growth and
development.
Once a business is established, it must operate efficiently to remain profitable. This
involves managing finances, marketing the product or service, and ensuring that the
business complies with all relevant laws and regulations.

Types of people involved in a BUSINESS:

There are different types of people involved in a business depending on the size and
type of business. Here are some of the most common types of people involved in a
business :

1) Founder/Creator
2) Chief executive officer (CEO)
3) Chief operations officer (COO)
4) Product manager
5) Chief technology officer (CTO)
6) Chief marketing officer (CMO)
7) Sales manager
8) Chief financial officer (CFO)
9) Business development manager
10) Customer service representative

DIFFERENT PEOPLE DIFFERENT ROLES;

The Founder/Creator,

In business, a founder is an individual who forms and establishes a business or

organization. The founder is typically responsible for setting the mission and vision
of a company. Essentially, a founder takes a business from an idea to an entity. The
founder is the creative and innovative head of the business and is responsible for
setting the companyÕs vision and making sure that it is unique and attractive to
potential consumers. They should also concentrate on creating value for their
customers and making sure that the company is constantly evolving and changing with
the times

Chief Executive Officer (CFO);

The highest-ranking executive in a company. They report to the Board of Directors

and oversee the overall strategy and direction of the organization.

Chief Operating Officer (COO):

The second-in-command executive in a company. They report to the CEO and oversee
the day-to-day operations and functions of the organization.

A product manager
in a business also oversees the product life cycle from ideation to distribution. A
product manager in a business also oversees the product life cycle from ideation to
distribution.

A CTO is mainly responsible for developing and delivering technological products or

services that meet the customer needs and the market demands.

A CIO is mainly responsible for managing and maintaining the technological

infrastructure and operations that support the internal business processes. They
oversee the IT systems, networks, security and data.
{CIO- CHIEF INFORMATION OFFICER}

In summary, a CTO is outward-looking and focuses on creating technology for

external customers, while a CIO is inward-looking and focuses on using technology
for internal employees.

Chief Marketing Officer (CMO):

The executive in charge of the marketing activities of a company. They report to
the CEO and manage branding, advertising, sales, customer relations and market
research.

A sales manager in a business also plays a strategic role in many companies. They are
involved in acquiring new clients, expanding into new markets, developing key
accounts, upselling and cross-selling to existing customers, obtaining referrals and
feedback from customers, and providing insights for improving the product portfolio

upselling and cross-selling to existing customers,

Upselling and cross-selling are sales techniques that aim to increase the revenue and profit from each customer by encouraging
them to purchase more products or services than they originally intended¹².

Upselling is offering a customer an upgrade, enhancement or premium option of their initial purchase. For example, if a
customer wants to buy a laptop, upselling would be suggesting a more expensive model with better features or
specifications¹². Upselling increases the value of the original purchase by providing a superior version of the product or
service.

Cross-selling is offering a customer an additional product or service that complements their initial purchase. For example, if a
customer wants to buy a laptop, cross-selling would be suggesting a laptop bag, a mouse or an antivirus software¹². Cross-
selling increases the value of the original purchase by providing related products or services that enhance the customer's
experience.

Both upselling and cross-selling benefit both the business and the customer. The business can generate more revenue and
profit from each sale, while the customer can get more value and satisfaction from their purchase¹². However, these
techniques should be used carefully and strategically to avoid annoying or confusing customers. They should also be based on
understanding customers' needs and preferences and providing relevant and helpful suggestions¹².

Chief Financial Officer (CFO):

The executive in charge of the financial aspects of a company. They report to the
CEO and manage accounting, budgeting, auditing, tax and financial planning.

A business development manager

is a person who is responsible for generating new business opportunities for a
company. They work with sales, marketing and other teams to identify potential
customers, markets and partnerships that can help grow the companyÕs revenue and
profit.
A business development manager also oversees the entire process of creating and
maintaining business relationships with clients. They conduct research, cold call
prospects, arrange meetings, pitch proposals, negotiate contracts and provide after-
sales support. They also monitor the industry trends, competitors and customer
feedback to provide insights for improving the companyÕs products or services.

Cold call prospects:

Cold call prospects are potential customers who have not shown any interest or
awareness of a companyÕs products or services before. They are usually contacted by
phone, email or other channels by sales representatives who try to introduce them
to the companyÕs value proposition and persuade them to take the next step in the
sales process

A customer service representative

is a person who provides support and assistance to customers who have questions,
complaints or issues with a companyÕs products or services. They are the first point
of contact for customers and act as a liaison between them and the company.